The People’s Bank of China (PBOC) plans on reducing financial risks and expanding digital Yuan applications

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The People's Bank of China (PBOC) plans on reducing financial risks and expanding digital Yuan applications
The People's Bank of China (PBOC) plans on reducing financial risks and expanding digital Yuan applications

The PBOC recently held a work conference in 2024, emphasizing the necessity of continually preventing and resolving financial dangers.

The People’s Bank of China (PBOC) recently convened a 2024 work conference, underscoring the importance of consistently preventing and resolving financial threats. The conference emphasized the significance of enhancing risk monitoring in critical areas, treating risk institutions prudently, and preventing and dealing with the risks of virtual currency trading speculation.

Furthermore, the PBOC called for a crackdown on financial illicit activities as well as a strengthening of the control of funds related to gaming and fraud, as well as an improvement in the efficacy of anti-money laundering oversight.

The conference also emphasized the importance of continuously improving the quality of fundamental financial services and expanding the innovative applications of the digital yuan. The PBOC intends to investigate novel applications of the digital yuan in order to broaden its use and integration into the financial system.

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